Fed’s Hoenig: Monetary policy is not cure-all

Kansas City Federal Reserve President Thomas Hoenig sits down for a one-on-one interview with CNBC’s Steve Liesman at the annual central bankers meeting in Jackson Hole, Wyo.

Mr. Hoenig recently stated: “Monetary policy is a useful tool, but it cannot solve every problem faced by the United States. In trying to use policy as a cure-all, we will repeat the cycle of severe recession and unemployment in a few short years by keeping rates too low for too long.”